LED light is a semiconductor which releases energy in the form of light when activated. LED lights are more efficient, power saving and durable than halogen or xenon light. When an electric voltage is supplied to p and n junction through leads, electrons started to come together and release energy in the form of light. It offers various other advantages over other lights such as long lasting life and less CO2 emission. Automotive LED lights are considered as an important part of modern automobiles. Traditionally, automotive LED lights were used as back lights but due to their better lighting system and power efficiency, nowadays they are used as headlights over the xenon and halogen light. Rising growth of automobile industry across the globe has fostered the growth of automotive LED lighting system. The stringent government regulation and policies regarding the usage of xenon and halogen automotive lights has led to higher demand for LED lights. The key trend driving the automotive LED lighting market is innovation and development in LED technology.
On 7 may, 2017, Osram, one of the leading manufacturers of automotive LED lights, announced flexible OLED’s for vehicle lighting. Further, on 31st January, Magneti Marelli, one of the key companies, announced their investment of USD 35 million for an automotive lighting facility in Independence Township (MI).
The global automotive LED lighting market is anticipated to reach USD 21.56 billion witnessing a CAGR of 8.92 % over the forecast period 2017-2024. Asia-Pacific accounted for the highest market share in the terms of volume in overall global market. The market is expected to continue its dominance over the forecast period. Further, it is anticipated to maintain its dominance owing to the heavy demand for cost effective automotive LED lights and increasing automobile production. The presence of automotive LED lighting manufacturing industries in Japan is expected to bolster the automotive LED light market over the forecast period.
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The market of global automotive LED light is led by Asia-Pacific followed by Europe and North America. Europe is expected to showcase a significant rise in automotive LED light over the forecast period owing to the development of technologically advance LED lights used in luxury cars. Moreover, presently Europe and Asia (mainly Japan) accounts for more than 80% market share of the global automotive LED lighting market.
Our in-depth analysis segmented the global automotive LED market in the following segments:
Automotive LED lighting market is further classified on the basis of region as follows:
Rising concern about energy efficiency and expanding sales of automotive vehicles is predicted to trigger the growth of global automotive LED lighting market. The need for cost effective, better lighting system and less power consumption are some of the key factors driving the LED market in automotive. Moreover, rising demand and sales of lightweight vehicles are one of key factors fueling the demand for global automotive LED market. Further, government legislations such as putting ban on the use halogen and xenon light is expected to augment the growth of the automotive LED market.
However, high cost of new technologically advanced LED lights is projected to dampen the growth of global automotive LED light market. Moreover, xenon and halogen automotive lights have captured the largest market share of global automotive LED market system.
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